514 Jackson AveNew Orleans, LA 70130

Property Details for 514 Jackson Ave

Year built

1900

Lot size

0.09 AC

Property size (Sq ft)

4,608 SF

Property type

Retail properties

Property subtype

Auto shops

APN

411102922

APU

411102922

Description

Seize this rare opportunity to own a piece of New Orleans history! This stunning, two-story, all-brick former firehouse, located in the coveted Irish Channel neighborhood, offers 5,089 square feet of space across two buildings, including a detached cabana. The property sits on a 4,096 square foot lot in a coveted X Flood Zone, ensuring peace of mind. The first floor boasts 2,400 square feet of wide-open space, ideal for commercial or residential conversion. The second floor features two residential units: a 1,200 square foot front unit overlooking Jackson Avenue and a 1,500 square foot rear unit overlooking a courtyard. With 16-foot ceilings on the first floor and 15.5-foot ceilings on the second, this architectural gem offers unparalleled potential. The property is zoned HU-MU, allowing for mixed-use development. Its prime location, less than two blocks from the Mississippi River Levee and four blocks from Magazine Street, provides exceptional convenience and access to New Orleans' vibrant culture. This property qualifies for significant tax credits (up to 45% of eligible rehabilitation costs), making it an even more attractive investment. The building's net rentable area is 2,698 square feet, and the asking price is $1,399,000 ($274.91 per square foot). Built in 1849, this property presents a unique blend of historical charm and modern investment potential. Note that a previously existing Bansky mural will be removed by the seller prior to closing, with subsequent repairs to be completed.

• CAP approach

  CAP return

  Valuation

  6%

  $1,074,193

  6.5%

  $991,563

  7%

  $920,737

• Comparable approach

  Method

  Valuation

  Relative Method

  $885,786

  Geo Method

  $825,508

• Alternative Use

  Use

  Valuation

  Residential

  $836,420

  Hospitality

  $766,156

  Educational

  $637,433

  Medical

  $659,356

  Retail

  $991,563

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9248

Longitude

-90.073

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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